Tinubu Says Reforms Are Rewriting Nigeria’s Economic Story, Cites 3.89% GDP Growth

President Bola Tinubu says his administration is rewriting Nigeria’s decades-long story of economic underperformance through reforms aimed at unlocking the country’s economic potential, attracting investment and creating jobs.

 

Tinubu, represented by Vice-President Kashim Shettima, stated this on Monday at the 32nd Nigerian Economic Summit in Abuja, where he defended the government’s economic reset and called for greater productivity across key sectors.

 

The President said his administration began with difficult economic decisions intended to address structural challenges that had hindered the country’s growth for decades.

 

“There is no shortcut to economic growth,” Tinubu said, maintaining that the reforms were necessary to establish a sustainable foundation for national prosperity.

 

“We came to rewrite the story of a nation that has performed below its potential for far too long,” he added.

 

He said the government’s objective extended beyond improving economic indicators to transforming the livelihoods of jobseekers, farmers, manufacturers, entrepreneurs and innovators.

 

“For us, rescuing the economy means rescuing livelihoods and transforming the fortunes of young jobseekers, farmers, manufacturers, entrepreneurs and innovators,” he said.

 

Tinubu argued that economic stability was essential to harnessing Nigeria’s growing population and abundant human and natural resources. He added that the administration was creating conditions for businesses to expand, attract investment and generate productive employment.

 

According to him, the next phase of the reforms would focus on raising productivity, improving the quality of employment, reducing underemployment and making better use of the country’s workforce.

 

“Our pursuit of prosperity demands greater productivity from every worker, enterprise and investment,” the President said.

 

He also called for infrastructure projects to be assessed by the economic activities they generate, while education should be measured by the skills and productivity it delivers.

 

Tinubu said industrial policies should be judged by their ability to improve the competitiveness of Nigerian businesses, attract investment, promote technological advancement, expand exports and create jobs.

 

To support his assessment of the economy, the President cited National Bureau of Statistics figures showing that Nigeria’s inflation-adjusted gross domestic product grew by 3.89 per cent in the first quarter of 2026, up from 3.13 per cent in the corresponding period of 2025.

 

He said non-oil activities accounted for 96.08 per cent of the country’s GDP, while manufacturing grew by 3.29 per cent and the oil sector expanded by 2.57 per cent.

 

Tinubu also disclosed that capital importation reached $10.37bn in the first quarter of 2026, an increase of 83.83 per cent compared with the same period in 2025. He attributed the inflows to contributions from portfolio and foreign direct investments.

 

The President said his administration would continue to reduce regulatory bottlenecks, strengthen transparency, improve policy predictability and expand access to finance to attract further investment.

 

He added that the government’s tax reforms were designed to establish a modern and equitable system capable of financing development while giving businesses greater certainty.

 

Tinubu also pledged continued fiscal discipline in investments across critical sectors, including energy, agriculture and solid minerals. He said reforms in the electricity market would seek to improve power supply and attract investment in generation, transmission, distribution and alternative energy.

 

Earlier, the United Nations Deputy Secretary-General, Dr Amina Mohammed, called for the urgent consolidation and stabilisation of the economic reforms introduced under the Tinubu administration.

 

Mohammed also stressed the need to manage public expectations effectively while commending the African Development Bank for its new financial architecture for development across Africa, particularly its focus on financing programmes with measurable development outcomes.